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In Capitalism We Trust

Well, the bailout failed and the politicians are still playing the blame game. Both camps will regroup and try again after the Jewish New Year holiday. And, in the meantime, the Wall Street whiners are very, very nervous.

There were a lot of reasons that Congress could not pass the bill, and I was extremely pleased to see that some of the reasons given were due to an anti-socialist viewpoint.

The NYT reported that Jeb Hensarling, Republican of Texas, voted against the package which he said “would put the nation on ‘the slippery slope to socialism’.” (hat tip: Diana Hsieh)

Here’s a few interesting articles to read on why the failure of this bailout package may not be a bad thing:

In Times of Crisis, Trust Capitalism,” by Joseph Calhoun.

What We Can Learn From Chile’s Financial Crisis:  Secured Loans Are a Better Way to Help Banks,” by Mary Anastasia O’Grady.

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